ETF Outlook for Tuesday, April 29, 2014
iShares U.S. Pharmaceutical ETF (NYSE:
The news regarding U.S.-based drug companies continues to be
heavy as earnings hit the wires this morning along with more
merger news. Bristol-Myers Squibb (NYSE:
) reported earnings above estimates, but revenue below what
analysts were looking for. The stock is trading down on the
) is on the move higher Tuesday as it still attempts a takeover
of AstraZeneca (NYSE:
). The combo of earnings and merger news will keep IHE in play
all day as volatility increases.
Guggenheim Solar ETF (NYSE:
A downgrade of several China-based solar stocks by Credit
Suisse put pressure on the sector and TAN closed the day down 4.4
percent. Even though the move to the downside was big, the ETF
was able to rally from the intraday low before the bell rang.
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The solar stocks are up slightly this morning and could catch
some buying from the overall market and investors looking to buy
on the dip. The support level to watch is the $36.50 area.
SPDR S&P Retail ETF (NYSE:
Two retail sales numbers are released this morning. The ICSC
Retail Sales number for the week came in with a gain of 1.6
percent week-over-week versus 0.4 percent last week. And the
number was a more impressive 3.1 percent year-over-year versus
1.9 percent last week. Later this morning the Redbook Chain Store
Sales number is also released.
XRT has been in a choppy pattern going back to August of last
year. The trading action included a new all-time high in November
and a multi-month low in February. With the ETF in the middle of
the range the next move is difficult to decipher, however expect
some movement today to the upside when the opening bell
Global X Social Media ETF (NYSE:
The ETF is officially well into bear market territory after a
rough last four trading sessions. With a loss of 25.6 percent
from the March high, the ETF is one of the worst performers in
the market. SOCL closed down another 2.9 percent yesterday to the
lowest level since July of last year. That being said, there
could be some help on the horizon.
After the bell Tuesday, Twitter (NYSE:
)will report quarterly earnings. The stock is down 44 percent
from the December high and yesterday it came within 50 cents of
its all-time low of $38.80. Even a decent number could push both
the stock and ETF higher. Look for a rebound after investors
panicked over the last few weeks.
© 2014 Benzinga.com. Benzinga does not provide investment
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